Most financing operations from China to Ecuador have been tied to oil sales and several have been backed with presales of crude oil.

Mr. Herrera said the new loans aren’t linked with the selling of crude oil.

The minister said despite the decline of around 50% in oil prices, the Andean country plans to maintain its level of public spending this year, thanks to loans from China, credits from multilateral lenders and governments as well as the selling of Ecuadorean bonds in international markets and domestic debt.

The minister, however, ruled out that the country plans a new bond issue in international markets, citing high interest rates.

Last Thursday the country sold $750 million of five-year bonds at a yield of 10.5%.